Making a charitable donation from your E-Trade account is a straightforward process, and Daffy is a fantastic option for a Donor Advised Fund (DAF). Here's how you can do it:
1. First, create a stock contribution intent on Daffy. You can do this by going to the Daffy app or website, selecting “Stock” in the “Add Funds” section, and following the prompts to let Daffy know your stock is coming. Please note that Daffy only accepts publicly traded stocks and ETFs.
2. Next, initiate a stock transfer from your E-Trade brokerage account. You can do this by visiting [this link](https://us.etrade.com/e/t/plan/charitabledonations).
3. Once you're on the E-Trade page, find the “Transfers” tab in the top right menu. Click “Other Services” and then “Make a charitable donation”.
4. You will be prompted to add a charity where you want the stock sent. Click “Add Manually” and complete the fields as follows:
- Charity name: Daffy Charitable Fund
- Receiving firm name: Apex Clearing
- Receiving account number: 9SC05050
- Receiving firm DTC: 0158
5. After you've added Daffy as your charity, click “Donate”.
6. Finally, select the shares you wish to send and click “Confirm”.
Remember to record the cost basis of an asset you are donating before transferring the asset to charity as most brokerages do not keep a record of the cost basis once the asset has left your account. You may need this information to fill out tax forms at the end of the year. Daffy does not have access to cost basis information for contributions so they will not be able to provide this information at a future date.
Daffy is a great option for a DAF because it makes the process of donating stocks simple and efficient. It's a fantastic way to incorporate charitable donations into your personal finance strategy. Whether you're starting small or have a specific giving goal in mind, Daffy can help you make giving a habit. So why wait? Start planning your charitable donations with Daffy today!
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.